Sunday, August 22, 2010
OK I am still here
I am slowwly working on this....lot of things (good things) going on in my life. Not much time to write lately. Stuff coming soon.
Wednesday, July 14, 2010
Big Bailouts hurt small banks
By DANIEL WAGNER, AP Business Writer Daniel Wagner, Ap Business Writer – Wed Jul 14, 11:43 am ET
WASHINGTON – To the list of economic woes squeezing small banks, add another one: government bailouts.
The Treasury Department's bailout program was designed with Wall Street megabanks in mind, according to a new report from a congressional watchdog. The "one-size-fits-all" program may actually be hurting small banks that are struggling to repay the money or even deliver quarterly dividend payments, the report says.
The main bank bailout program anticipated banks springing back from the crisis and raising fresh funds to repay the government, the report says.
That's exactly what happened to most of the big banks that took the most bailout money. Yet small banks continue to struggle, dragged down by souring loans for commercial real estate and high unemployment. Hundreds more small banks are expected to fail by the end of next year.
The 690 small banks that took bailout money are even worse off, according to a report Wednesday from the Congressional Oversight Panel, which monitors the $700 billion financial bailout. Already, one in seven has failed to pay a quarterly dividend due to Treasury. They can't afford the payments, which will nearly double in 2013.
Treasury spokesman Mark Paustenbach disputed the findings, saying in a statement that the bailouts helped many of the banks "weather the storm and continue to extend credit in the economy."
But the bailouts' costs are troubling because of small banks' crucial role in lending to small businesses and supporting economic recovery, said Elizabeth Warren, who chairs the panel.
The program "was not intended as a bailout for Wall Street," said Warren, who also is a professor at Harvard Law School. "It was intended to support ... homeownership, retirement savings and banks across the country."
Warren said the bailout bill, known as the Trouble Asset Relief Program, did stabilize the financial system. But she said that was only one of the program's goals. She said efforts to boost lending and support consumers have been less successful.
"There is very little evidence to suggest that the (bailouts) led small banks to increase lending," the report says.
In the end, that could mean that the biggest banks get even bigger, the report says. Dozens or hundreds of bailed-out banks could collapse or consolidate because they can't afford their obligations to taxpayers, it says. That would leave the handful of biggest banks with an even larger share of the banking system.
"The result could be that 'too big to fail' banks grow even bigger," Warren said.
The Congressional Oversight Panel was created by Congress to report on whether the bailouts are meeting their goals. The law also requires regular audits by the Government Accountability Office and creates a special inspector general to investigate fraud and other problems.
WASHINGTON – To the list of economic woes squeezing small banks, add another one: government bailouts.
The Treasury Department's bailout program was designed with Wall Street megabanks in mind, according to a new report from a congressional watchdog. The "one-size-fits-all" program may actually be hurting small banks that are struggling to repay the money or even deliver quarterly dividend payments, the report says.
The main bank bailout program anticipated banks springing back from the crisis and raising fresh funds to repay the government, the report says.
That's exactly what happened to most of the big banks that took the most bailout money. Yet small banks continue to struggle, dragged down by souring loans for commercial real estate and high unemployment. Hundreds more small banks are expected to fail by the end of next year.
The 690 small banks that took bailout money are even worse off, according to a report Wednesday from the Congressional Oversight Panel, which monitors the $700 billion financial bailout. Already, one in seven has failed to pay a quarterly dividend due to Treasury. They can't afford the payments, which will nearly double in 2013.
Treasury spokesman Mark Paustenbach disputed the findings, saying in a statement that the bailouts helped many of the banks "weather the storm and continue to extend credit in the economy."
But the bailouts' costs are troubling because of small banks' crucial role in lending to small businesses and supporting economic recovery, said Elizabeth Warren, who chairs the panel.
The program "was not intended as a bailout for Wall Street," said Warren, who also is a professor at Harvard Law School. "It was intended to support ... homeownership, retirement savings and banks across the country."
Warren said the bailout bill, known as the Trouble Asset Relief Program, did stabilize the financial system. But she said that was only one of the program's goals. She said efforts to boost lending and support consumers have been less successful.
"There is very little evidence to suggest that the (bailouts) led small banks to increase lending," the report says.
In the end, that could mean that the biggest banks get even bigger, the report says. Dozens or hundreds of bailed-out banks could collapse or consolidate because they can't afford their obligations to taxpayers, it says. That would leave the handful of biggest banks with an even larger share of the banking system.
"The result could be that 'too big to fail' banks grow even bigger," Warren said.
The Congressional Oversight Panel was created by Congress to report on whether the bailouts are meeting their goals. The law also requires regular audits by the Government Accountability Office and creates a special inspector general to investigate fraud and other problems.
Saturday, June 12, 2010
One Lone Light
I stand in a room that has One Lone Light.
The room, I do not know its size, ‘tis hard to tell,
Because the room is surrounded by the night;
I feel I am in a station of Dante’s hell!
The floor is of plank wood while the bulb gives hope,
But there is a darkness that surrounds both me and the light;
Much like a fog, which scares me, a fear I cannot cope,
For there are shadows in it that hide inside the night.
I hear them call me to turn off the bulb,
Others ask for me to join them in the darkness.
However I stay, to guard the lighted knolb.
And sit without fear, for with light there is no loneliness.
Some come into the light but like the darkness better.
They do things in secret which is a sin,
And follow one another exactly to the letter;
As they always go back, over and over again.
God however, gives me the courage to stay and fight,
They that do not wish to be made known;
Those specters that ask me to turn out the light,
So that their deeds, if in light, would be shown.
I want them to join me, to have the freedom that feel.
For in the One Lone Light there is liberty in its gaze,
No longer do I want them slinking in the darkness like an eel.
I want them to come out, to come out of their darkened maze.
They deny me and the One who has told me to be on guard,
Forever in the darkness do they perform their deeds;
They laugh, “He will never leave that light, for his head is hard!”
But I know they do not understand, for it is the light that their soul needs.
So I guard the One Lone Light,
To save myself from the deeds of darkness
And choose not to join their plight;
For with them it is utter loneliness.
God has given me this task to do,
Although I am weary, for it is for rest I am desiring,
I must keep the bulb shining, for it is I who
Am responsible, to keep the One Lone Light still burning!
Ephesians 5:3-14
(3) But fornication, and all uncleanness, or covetousness, let it not once be named among you, as becometh saints; (4) Neither filthiness, nor foolish talking, nor jesting, which are not convenient: but rather giving of thanks. (5) For this ye know, that no whoremonger, nor unclean person, nor covetous man, who is an idolater, hath any inheritance in the kingdom of Christ and God. (6) Let no man deceive you with vain words: for because of these things cometh the wrath of God upon the children of disobedience. (7) Be not ye therefore partakers with them. (8) For ye were sometimes in darkness, but now ye are light in the Lord: walk as children of light: (9) (For the fruit of the Spirit is in all goodness and righteousness and truth;) (10) Proving what is acceptable to the Lord. (11) And have no fellowship with the unfruitful works of darkness, but rather reprove them. (12) For it is a shame even to speak of those things which are done in secret. (13) But all things that are reproved are made manifest by the light: for whatsoever is made manifest is light. (14) Wherefore he said, Awake thou that sleeps, and arise from the dead, and Christ shall give thee light.
The room, I do not know its size, ‘tis hard to tell,
Because the room is surrounded by the night;
I feel I am in a station of Dante’s hell!
The floor is of plank wood while the bulb gives hope,
But there is a darkness that surrounds both me and the light;
Much like a fog, which scares me, a fear I cannot cope,
For there are shadows in it that hide inside the night.
I hear them call me to turn off the bulb,
Others ask for me to join them in the darkness.
However I stay, to guard the lighted knolb.
And sit without fear, for with light there is no loneliness.
Some come into the light but like the darkness better.
They do things in secret which is a sin,
And follow one another exactly to the letter;
As they always go back, over and over again.
God however, gives me the courage to stay and fight,
They that do not wish to be made known;
Those specters that ask me to turn out the light,
So that their deeds, if in light, would be shown.
I want them to join me, to have the freedom that feel.
For in the One Lone Light there is liberty in its gaze,
No longer do I want them slinking in the darkness like an eel.
I want them to come out, to come out of their darkened maze.
They deny me and the One who has told me to be on guard,
Forever in the darkness do they perform their deeds;
They laugh, “He will never leave that light, for his head is hard!”
But I know they do not understand, for it is the light that their soul needs.
So I guard the One Lone Light,
To save myself from the deeds of darkness
And choose not to join their plight;
For with them it is utter loneliness.
God has given me this task to do,
Although I am weary, for it is for rest I am desiring,
I must keep the bulb shining, for it is I who
Am responsible, to keep the One Lone Light still burning!
Ephesians 5:3-14
(3) But fornication, and all uncleanness, or covetousness, let it not once be named among you, as becometh saints; (4) Neither filthiness, nor foolish talking, nor jesting, which are not convenient: but rather giving of thanks. (5) For this ye know, that no whoremonger, nor unclean person, nor covetous man, who is an idolater, hath any inheritance in the kingdom of Christ and God. (6) Let no man deceive you with vain words: for because of these things cometh the wrath of God upon the children of disobedience. (7) Be not ye therefore partakers with them. (8) For ye were sometimes in darkness, but now ye are light in the Lord: walk as children of light: (9) (For the fruit of the Spirit is in all goodness and righteousness and truth;) (10) Proving what is acceptable to the Lord. (11) And have no fellowship with the unfruitful works of darkness, but rather reprove them. (12) For it is a shame even to speak of those things which are done in secret. (13) But all things that are reproved are made manifest by the light: for whatsoever is made manifest is light. (14) Wherefore he said, Awake thou that sleeps, and arise from the dead, and Christ shall give thee light.
Friday, June 4, 2010
Hello
I finally got around to setting up my blogger account. The content of my Blog will be about political goings on, Christian theological issues (in the sense of trying to agree on things instead of pointing fingers), and (as my Blog title suggests) try to wake people up to what is going on and at the very least, keep them from being swept up in the emotional tide of today's media.
Some posts will be originally posted on here, other will be things I have written in other places to put on here. My hope is, along with the objectives I have mentioned, is to develop my persuasive and informational writing skills in order to help with books i want to write in the near future.
I hope anyone who gives me the satisfaction of reading my Blog (especially down the road) will enjoy and find it beneficial in their own life.
Some posts will be originally posted on here, other will be things I have written in other places to put on here. My hope is, along with the objectives I have mentioned, is to develop my persuasive and informational writing skills in order to help with books i want to write in the near future.
I hope anyone who gives me the satisfaction of reading my Blog (especially down the road) will enjoy and find it beneficial in their own life.
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